Closing Keynote with Nonkululeko Nyembezi

According to the World Bank “Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, delivered in a responsible and sustainable way”. Current estimates show about ~55% of Africa’s population is unbanked and ~40% are living in poverty. Fortunately, novel financial technologies and innovative banking systems have begun to revolutionize this dynamic in recent times. This panel will explore three main themes: 1) What does financial inclusion mean in Africa, who exactly has been excluded historically and why is it important to bring them in? 2) What is the responsibility of industry participants to drive financial inclusion and help lift the continent out of poverty? 3) What does the future of Financial Inclusion in Africa look like?

Africa is in the midst of a digital revolution: approximately 473 million Africans are online, and an additional 300 million will likely join them by 2025. Average download speeds in Africa doubled between 2015 and 2019, while data costs halved. Underpinning this growth is the installation of digital infrastructure (fiber optics, data centers, and more) serving the continent. In this panel, we will hear from the folks building that infrastructure. We will understand the history, opportunities, and challenges in this sector.

In this session, we will hear from experts across sectors to posit how we can take an interdisciplinary approach to accelerating Africa’s development in the next decade and beyond. Grounded in an understanding of the largest opportunity gaps, this session will focus on innovative solutions for inclusive growth. In addition to looking at on-the-ground enablers, such as technology, education, and public-private partnerships, we will focus on how the diaspora can support Africa’s growth journey.